First Phase of Noida Film City Set to Create 10,000 Jobs: CBRE

By Consultants Review Team Wednesday, 07 February 2024

The commencement of the initial phase of the International Film City in Noida is anticipated to create employment opportunities for approximately 10,000 individuals, as outlined by real estate consultancy CBRE on Wednesday. The expansive film city, spanning 1,000 acres and to be developed across three phases, will see its first phase occupying 230 acres. Positioned in Sector 21 of the Yamuna Expressway Authority in close proximity to the forthcoming Jewar airport, the project's estimated cost for the first phase is around Rs 1,510 crore.

Last month, the Yamuna Expressway Industrial Development Authority (YEIDA) declared Bayview Projects, backed by filmmaker Boney Kapoor and real estate developer Bhutani Group, as the victor of the bid for developing the International Film City. Notably, entities supported by Akshay Kumar and T-Series also participated in the bidding process, with the selection criteria prioritizing the highest revenue share offered to the state government.

The allocated 230-acre plot is designated for various amenities including filming and post-production facilities, hospitality services, retail outlets, and dining establishments, alongside accommodations for media offices. CBRE further specified that the project is granted a concession period of 90 years, with the chosen bidder bearing the financial obligation of revenue sharing with YEIDA.

Initially approved by Uttar Pradesh Chief Minister Yogi Adityanath in September 2020, the 1,000-acre project operates under the public-private partnership (PPP) model. Adityanath emphasized the significance of enhancing the Indian cinema landscape during the approval meeting, pledging full governmental support for the endeavor.

The preceding two bidding rounds for the project, conducted in 2021 and 2022 respectively, faced challenges in attracting participants due to substantial investment prerequisites and stringent bidding terms. Following revisions to the terms last year, the project successfully garnered interest in its third bidding round.

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